Dropbox sold 36 million shares in its offering, raising $756 million.
The solid first-day pop came despite weakness in the wider US stock market. The S&P 500 and Nasdaq both tumbled more than 2 percent on Thursday following the Trump administration's announcement of trade tariffs on China and on the week are down more than 4 percent.
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The regulatory filing Dropbox submitted for its IPO showed that the company had more than 11 million paying users. With the first day of trading underway, the Dropbox IPO is off to a healthy start, as stock prices climb over 40 percent. But for the moment, at least, Dropbox is off to a very respectable start, and has investors talking positively about tech IPOs again.
The pop in Dropbox's price may bode well for Spotify, valued at roughly $19 billion in the private market. And given how many analysts, reporters and other CEOs are closely watching Dropbox's performance, it theoretically should make people fear public markets a little bit less. "It has an attractive story to justify its need for financing and the market dynamics are good, ' Josh Lerner, professor of Investment Banking at Harvard Business School, told Reuters, adding 'But at the same time the environment is also competitive".
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The company competes with much larger technology firms such as Google, Microsoft and Amazon.com.
It has yet to turn a profit, but that's common for startups that invest heavily in their growth. They ended the day at $28.48, giving the company a market value of $12.5 billion. Its net loss, however, was almost halved, to $111.7 million.
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The country could also take further measures, such as targeting USA agriculture - 60 percent of U.S. soya beans are sold to China. Also omitted from the exemption list was U.S. ally Japan, though a government spokesman said Tokyo would press to be included.
At an unpredictable time for tech companies and social media giants, California-based tech unicorn Dropbox looks to be entering a higher gear, following a better-than-expected IPO posting. The company says more than 75 percent of Dropbox's business teams linked their accounts to multiple third-party applications.